ADM 3318 Study Guide - Debt Crisis, Bretton Woods, New Hampshire, Speculative Attack

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Document Summary

International monetary system: the institutional arrangements countries adopt that governs exchange rates. Floating exchange rate: a system under which the exchange rate for converting one currency into another is continuously adjusted depending on the law of supply and demand. Dirty float: a system under which a country"s currency is nominally allowed to float freely against other currencies, but in which the government will intervene if it believes the currency has devalued too far from its value. Fixed exchange rate: a system under which the exchange rate for converting one currency into another is set at a constant rate. Mechanics of the gold standard: by 1880, the world"s major trading nations adopted the gold standard. Gold standard: the practice of pegging currencies to gold and guaranteeing convertibility. Gold par value: the amount of currency needed to purchase one ounce of gold.

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